Bankrupt Geoffrey Edelsten to Sell Gold Coast Penthouse

Geoffrey and Brynne Edelsten
Photo: Herald Sun

It hasn’t been a great start to the year for Geoffrey Edelsten, who is selling his opulent Gold Coast property after declaring himself bankrupt in the US.

Shortly after his $18.2 million debts were made public, the media was abuzz with news the former doctor had split from renowned socialite Brynne Edelsten, who claims she can’t forgive him for a fling he had with a woman he met on sugardaddyforme.com in 2012.

Until recently, Edelstein and his wife of four years shared the Main Beach Palazzo Versace penthouse, which will go up for auction over the weekend.

The lavish pool outside Geoffrey Edelsten’s penthouse
Photo: Lucy Cole Prestige

Edelsten purchased the holiday property for around $3 million in 2012 before commencing a $1.5 million refurbishment.

According to his real estate agent Lucy Cole of Lucy Cole Prestige, he is no longer spending much of his time on the Gold Coast, because his “business interests are absorbing most of his time.”

“Until recently, Edelstein and his wife of four years shared the Main Beach Palazzo Versace penthouse…”

Naturally, the two-level ‘palace’ is beyond extravagant – it features a Mediterranean-inspired rooftop garden with a spa, a barbecue kitchen with a wine fridge and a large marina berth on the Broadwater.

Its lucky new owner will inherit Versace furniture imported from Milan and garden art that was flown in by helicopter.

The home will sell with its genuine Versace furniture
Photo: Lucy Cole Prestige

One of two ensuite bedrooms
Photo: Lucy Cole Prestige

The Mediterranean-inspired roof garden
Photo: Lucy Cole Prestige

Brynne, a former US cocktail waitress who married Edelstein when she was 26, is most well known for her revealing red carpet dresses and a brief stint on Dancing With the Stars in 2011. Her reality series My Bedazzled Life will return to Channel 7 later this year.

She is currently residing in the couple’s Melbourne penthouse while Edelstein is overseas, though it is not yet known if this property will be next on the chopping block.

“Naturally, the two-level ‘palace’ is beyond extravagant…”

Edelstein continues to be embroiled in legal troubles in the US, following a dispute with former business partners over the control of several assets.

This is far from his first time in the courtroom – the 70-year-old, whose glitzy medical clinics were outfitted with chandeliers, grand pianos, and mink-covered examination tables back in the ‘80s, was removed from the medical register in both Victoria and NSW after he hired a hitman to beat up an ex-patient.  

He spent a year in jail before reinventing himself as a medical entrepreneur.

His wedding to Brynne was all over the news back in 2009. Hollywood celebrities, AFL stars and Aussie TV personalities descended on the Crown Casino in Melbourne for the $3 million affair, where Brynne was whisked to the aisle via a private helicopter.

Prior to their marriage, the couple did not sign a prenuptial agreement, so it will be interesting to see how their divorce pans out in light of Edelsten’s financial woes.

Update:

At 10:30am on Sunday, a US bankruptcy judge barred Edelsten from auctioning the penthouse after his former business partners filed a last minute motion.

He has also been blocked from from selling or borrowing against any other assets he holds in Australia or overseas, which could have a negative impact  on his divorce proceedings.